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Morgan Stanley shuffles jobs for wealth management executive

FILE PHOTO: The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in the Manhattan borough of New York City, January 20, 2015. REUTERS/Mike Segar

NEW YORK (Reuters) - Morgan Stanley's Shelley O'Connor, one of two co-heads of the wealth management business, was named on Tuesday to lead two of the bank's regulated entities, according to an internal memo seen by Reuters.

O'Connor will become chief executive and chairman of both Morgan Stanley Bank NA and Morgan Stanley Private Bank NA, the banks through which the firm sells lending products, and handles deposit accounts and other traditional bank products.

Andy Saperstein, co-head of the wealth management business alongside O'Connor, will become the sole head of that business, according to the memo signed by Chief Executive James Gorman.

The bank also named Rob Rooney as head of technology, operations and firm resiliency, a new role that combines several functions that were previously in separate divisions.

The Wall Street Journal reported the new assignments earlier on Tuesday.